How Do You Spell RENEWABLE TERM POLICY?

Pronunciation: [ɹɪnjˈuːəbə͡l tˈɜːm pˈɒlɪsi] (IPA)

The spelling of the phrase "renewable term policy" can be explained using IPA phonetic transcription. The first word, "renewable," is pronounced /rɪˈnjuəbəl/, with stress on the second syllable. The second word, "term," is pronounced /tɜrm/ with stress on the first syllable. Finally, "policy" is pronounced /ˈpɒlɪsi/, with stress on the first syllable. The phrase refers to a type of insurance policy that can be renewed for successive periods of time and is intended to provide temporary coverage.

RENEWABLE TERM POLICY Meaning and Definition

1. A renewable term policy is a type of life insurance policy that provides coverage for a specified period of time, typically ranging from one to 30 years. This policy is known as "renewable" because it allows the policyholder to extend or renew the coverage at the end of the initial term without the need for a medical examination or underwriting process.

   Renewable term policies are popular among individuals who seek temporary life insurance protection, such as those with dependents or outstanding debts that may need coverage for a specific timeframe. With this policy, the insured pays regular premiums throughout the term, and if they pass away during this period, a death benefit is paid out to the designated beneficiaries.

   The key feature of a renewable term policy is the ability to renew the coverage at the end of the term without proving insurability. This means that the policyholder can continue the coverage for an additional term, often with increased premiums due to their advancing age. The renewal process usually involves choosing a new term length and adjusting the premium to reflect the insured's current age and any changes in health.

   Renewable term policies provide flexibility by allowing policyholders to adapt their coverage to their changing needs. They offer a degree of financial security during the specified term, and if desired, can be extended or converted to a permanent life insurance policy for continued protection.

2. A term p. which may be renewed at its expiration for another like period, without physical examination of the insured, but at a higher rate; see natural premium.

   A practical medical dictionary. By Stedman, Thomas Lathrop. Published 1920.

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